The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15, 2020, because of the novel coronavirus pandemic.
The IRS issued Notice 2020-20 on Friday, extending the relief it provided earlier this month on the tax-filing and payment dates for most other types of tax returns. The IRS also said the associated interest, additions to tax, and penalties for late filing or late payment will be suspended for the gift tax and generation-skipping transfer tax until July 15.
Judy Bodenhamer is the managing director of the Client Experience Group and a co-founder of Power Up Professionals. She helps professional services firms with business development, marketing, leadership and team development by coaching and developing professionals to unleash deeper impact, purpose and value in their organizations, both with clients and in the marketplace.
Katie Tolin is president of CPA Growth Guides and a co-founder of Power Up Professionals. She helps firms establish growth strategies; connecting the dots between strategy and actions to boost ROI. As a consultant or fractional chief growth officer, her areas of focus include marketing, business development, product management/innovation and client experience.
Eduardo is the co-founder and COO at BetterUp where he brings a successful operational track record and personal passion for human potential to his role. As COO, he leads work in coaching, business operations, and is responsible for the delivery and impact of BetterUp’s products and programs to its rapidly growing customer base.
Prior to BetterUp, Eduardo served in various strategy, investing, and operational roles at Altamont Capital Partners and Bain & Company. Eduardo is a strong advocate for education, economic access, and equity in the workplace, areas where he actively mentors and advises emerging leaders.
Eduardo holds a B.S. in Business, summa cum laude, from the University of Southern California.
The relief is automatic and applies to any amounts due related to these types of returns. There’s no requirement to file for an extension and the three-month period between the original due date of April 15 and the new deadline of July 15 will be disregarded in terms of any interest, penalties or extra taxes for those who fail to file a Form 709 United States Gift and Generation-Skipping Transfer Tax Return by April 15.
Groups of tax and accounting professionals such as the American Institute of CPAs, the National Society of Accountants and the National Conference of CPA Practitioners have been pressing the IRS to provide additional forms of tax relief beyond the initial relief granted for tax payments from coronavirus victims.
